Question: Please solve this problem from (a) to (e). 2. Consider an economy that produces only three types of goods: computers, oranges, and opera tickets. Below

Please solve this problem from (a) to (e).

2. Consider an economy that produces only three types of goods: computers, oranges, and opera tickets. Below are the data on production and prices for 2018 (the base year) and 2019: 2018 2019 Goods Q P Q P Computers 3 units $500per unit 4 units $400 per unit Oranges 200 units $0.5 per unit 200 units $0.5 per unit Opera 1,000 tickets $60 per ticket 900 tickets $70 per ticket (a) Find nominal GDP in 2018 and in 2019. What is the percentage increase in nominal GDP from 2018 to 2019? (b) Assuming that 2018 is the base year, calculate real GDP in 2018 and in 2019. Does real GDP increase between these two years? (c) Compute the chain-weighted real GDP growth rate. (d) Find the GDP deflator for 2019. By what percentage does the price level change from the base year to 2019? (e) Assuming that the consumption basket used to calculate the CPI consists of 3 computers, 200 oranges, and 1,000 opera tickets, use the CPI to calculate the rate of inflation between 2018 and 2019

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